Back on April 5th, following a press release from Endeavor Acquisition Corp (EDA), updating investors on its acquisition of American Apparel (AA), I noted the news was mixed but thought that the good news (17% same store sales growth) would outweigh the bad news (a reduction in 2007 estimated EBITDA growth and the likelihood of […]
Comcast shares are traded up sharply yesterday in a lousy tape following publication of a couple articles on Bloomberg reviewing an interview with CEO Brian Roberts. Roberts is reiterating comments he made several weeks ago at a Wall Street conference indicating that he is “more confident” now than he was in February when the company […]
Private equity speculation comes to Canada. More rumors about a takeout of BCE Inc (BCE), formerly Bell Canada, emerged yesterday with speculation about a buyout led by the Ontario Teachers Pension Plan with the help of Providence Equity. BCE shares closed up more than 6% but remain well below a rumored bid from this group […]
Sam Zell’s ESOP driven takeover of Tribune (TRB) is being met with a lot skepticism by the mainstream business press and newspaper industry observers. The gist of the skepticism is that employees are being asked to take on a huge risk by using their retirement savings to finance a very highly leveraged buyout of a […]
Endeavor Acquisition Corporation (EDA) announced that the deal to purchase American Apparel (AA) will proceed. AA met the requirement that 2006 earnings before interest, taxes, depreciation and amortization (EBITDA) be at least $30 million. An additional requirement that 2007 budgeted EBITDA reach $50 million was waived. The press release says that AA did not have […]
For the second consecutive month there were no changes to Northlake’s Market Cap and Style models. The signals are still flashing large cap and value. As a result, in the portion of the portfolios Northlake manages that are dedicated to the ETF rotation strategy, I continue to own the S&P 500 (SPY) and the Russell […]
Central European Media Enterprises (CETV) shares had an outstanding first quarter, gaining 26.4%. Part of the gains recouped a $5 decline from mid-November through year end, a bullish period for the market when CETV would be expected to outperform. Gains this year are tied to several factors. First, fourth quarter results were quite favorable and […]
Here is your Monday Morning Media Madness in honor of tonight’s final game of March Madness. • Is anyone else bored by the prospect of another national title game between Buckeyes and Gators? Probably not CBS (CBS) which is enjoying a good year in ratings for the hoops tourney, up 2% vs. a year ago. […]
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